Two-Unit Duplex-Down
For Sale
$999,000
1842 W Iowa Street Unit 1, Chicago, IL 60622
The 2024-built residence combines two outdoor areas with garage parking.
Property Size2,200 SF
Price / SF$454.09
Days on Market11
Property Features for 1842 W Iowa Street Unit 1
General Information
Standard status
Active
Size
2,200 SF
Property subtype
1/2 Duplex,T3-Townhouse 3+ Stories
Units
Unit Mix
1 x 3BR
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$9,870
Amenities
rear deck
garage rooftop deck
Building Details
Building Size
2,200 SF
Year Built
2024
Buildings
1
Listing Agency:
City Gate Real Estate Inc.
Listed By:
Garrett Horkan · License #471021641
(630) 384-9658
Source:
Harkinsandassociates
Added: Sep 22
Changed: Sep 29
Last Checked: Oct 1 at 3:47PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of City Gate Real Estate Inc.
Investment Insights
Based on property information with market context.
This 2,200-square-foot duplex-down occupies a two-unit residential building completed in 2024. Its three bedrooms include a primary suite with a walk-in closet and double-vanity bathroom. The layout also features an open living and dining area, a kitchen, a family room with built-in cabinetry, and full laundry. South-facing windows bring natural light into the main living space. A rear deck and access to a rooftop deck above the garage provide two outdoor areas, while garage parking serves the residence. Enhanced insulation and double drywall separate the units.
At 1842 W Iowa Street in Chicago’s East Village, the property is near parks, coffee shops, and dining along Division Street.
At 1842 W Iowa Street in Chicago’s East Village, the property is near parks, coffee shops, and dining along Division Street.
Key Highlights
- 2,200‑square‑foot duplex‑down in a two‑unit building
- Built in 2024
- Three bedrooms, including a primary suite with walk‑in closet and double‑vanity bath
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$33,724
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.38%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$674,480
$674.5K
Cap Rate 7%
$481,771
$481.8K
Cap Rate 9%
$374,711
$374.7K
Market Conditions
NOI Build-Up for 2,200 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$64.7K $29.40/SF
− Vacancy
−$3.4K −$1.53/SF
EGI
$61.3K $27.87/SF
− OpEx
−$27.6K −$12.54/SF
NOI
$33.7K $15.33/SF
Area
Chicago, IL
Vacancy
5.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$674,480
Cap Rate 7%
$481,771
Cap Rate 9%
$374,711
Alternative Uses
Best Use
Apartment 5plus
$481.8K
$421.6K – $562.1K
NOI $33,724 @ 7.0% cap · market cap 3.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$907.6K – $1.21M
NOI $72,611 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
4,891
Businesses Nearby
Explore this area
Business Placement
Demographics for 60622, IL
55,075
Population
27,630
Households
2
Avg Household Size
33
Median Age
73%
College-Educated
94%
High-School Grad
2.5 sq mi
ZIP Area
22,030
Density / Sq Mi
$124,852
Median Household Income
$76,180
Median Earnings
$1,932
Median Rent
$622,900
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - The 2024-built residence combines two outdoor areas with garage parking.
Where is this residential income property located?
The property is located at 1842 W Iowa Street Unit 1 Chicago, IL.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: 2,200‑square‑foot duplex‑down in a two‑unit building; Built in 2024; Three bedrooms, including a primary suite with walk‑in closet and double‑vanity bath
